Reserve Bank of India (RBI) brings State Bank of Sikkim under its regulatory purview

Reserve Bank of India (RBI) brings State Bank of Sikkim under its regulatory purview

• The Reserve Bank of India (RBI) has brought State Bank of Sikkim under its regulatory purview, on February 22, 2021.

Till now, RBI had the right and obligation to function as banker to all the state government except for the state government of Sikkim.

• Now the bank will be regulated by the RBI on a par with other banks, however the bank’s ownership structure will not change.

State Bank of Sikkim

• The State Bank of Sikkim, was established as an autonomous body wholly owned by Government of Sikkim, in the year 1968, five years before Sikkim became part of India in 1973.
• It was established under the State Bank of Sikkim Proclamation, 1968.
• The bank provides treasury operations for the state government and operates only within the jurisdiction of Sikkim.
• The bank currently has 42 branch offices and operates three revenue counters for government works.